Possibly... though Activity Monitor (or top) doesn't show anything suspicious. If I stop audio from playing, iTunes drops to about 4% CPU. (And mdworker doesn't appear to be working overtime either.) With the Column Browser open, searching in iTunes causes a leap to 100% CPU until the UI updates. Column Browser closed, searching causes a momentary leap, but not to 100%, and obviously it's over very quickly.
There's clearly something up with the coding of the Column Browser.
There's clearly something up with the coding of the Column Browser.